June 22, 2007

$100 million (?) for Ratner as Assembly passes 421-a bill

Atlantic Yards Report reports that the Times blog reports that the legislation passed:

HOW MUCH WILL THIS REALLY COST THE TAXPAYERS?

To the Times, Brad Lander of the Pratt Center for Community Development estimates that the tax break, which could exempt four buildings with condos from including onsite affordable housing. would cost taxpayers $100 million. (The other 12 Atlantic Yards towers would have mixed-income housing.)

That's just an estimate, however, and a closer accounting would be worthwhile. Developer Forest City Ratner saves by not having to provide another 380-plus units of very affordable housing. (The 1930 condos would have to be matched by 20 percent affordable housing.)

THERE'S MIXED-INCOME HOUISNG AND THERE'S ATLANTIC YARDS

There's another benefit for the developer. Condo owners won't have to share their buildings with their poorer brethren. The condo buildings at Atlantic Yards, like other ones under construction (or recently opened) in the Brooklyn "renaissance," are for one-class only. (That should help with pricing, right?)